Fmr UBS CEO: Obamacare Has Been a Disaster

Former UBS CEO Joe Grano appeared on Fox News Monday, calling Obamacare a "disaster" and its raising costs "not sustainable".

"Obamacare is raising the cost of medical care. I think it’s disaster," Grano told Fox News’ Stuart Varney. "I think what the president should have done is say, look, it's not working, stop, step back, reassess. But the arrogance of the administration is not allowing that."

Recent Stories in Issues

"I think they’re going to have a terrible situation on their hands if they don’t step up," Grano said.

Grano also said that the rising cost of health care under the Affordable Care Act, which has been around 22%, was "not sustainable". And it is those costs, Grano said, that would lead to employers dropping their employees from coverage.

"The more I read, some of these smaller entrepreneurs are saying, ‘here's how much I’m willing to contribute to your healthcare, you're on your own, go on the exchange.’"